Sporting News Radio Sold
September 5, 2006 at 9:38 AM (PT)
PAUL ALLEN's VULCAN SPORTS MEDIA INC. sells THE SPORTING NEWS, SPORTING NEWS RADIO, and SPORTINGNEWS.COM to NEWHOUSE/ADVANCE PUBLICATIONS's AMERICAN CITY BUSINESS JOURNALS, INC. for an undisclosed price.
The sale of the network, which is expected to close in OCTOBER, does not include the company's O&O stations, WSNR-A/JERSEY CITY-NEW YORK, WWZN-A/BOSTON, and KMPC-A/LOS ANGELES, which are being sold separately. ACBJ owns the STREET AND SMITH sports annuals, NASCAR SCENE and NASCAR ILLUSTRATED magazines, and the HEMMINGS auto collectors' magazines. ALLEN AND CO. served as financial advisor to the seller while SKADDEN, ARPS, SLATE, MEAGHER AND FLOM LLP provided legal advice.